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 Fri Mar 4, 2016
SVH Tracker: Uravan decides to be aggressive about marketing Outer Ring for a farmout
    Publisher: Kaiser Research Online
    Author: Copyright 2016 John A. Kaiser

 
Uravan Minerals Inc (UVN-V: $0.07)
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SVH Tracker - March 4, 2016: Uravan decides to be aggressive about marketing Outer Ring for a farmout

Uravan Minerals Inc provided an update on March 2, 2016 for its 100% owned Outer Ring project within the Cable Bay corridor of the Athabasca Basin. Uravan conducted an infill radiogenic lead isotope sampling program on a 250 m grid in 2015 over the 9 km by 2 km geochemical anomaly established in 2010-2011 with a 500 m grid. A ratio of lead isotope 207 over lead isotope 206 less than 0.582:1 is deemed indicative of a uranium deposit at depth. The graphic below showing the ratio zonation is the first of this type that Uravan has shared with the public. The latest results confirm the strength of the initial ORX anomaly. Case studies done in conjunction with Cameco on the Cigar Lake and Centennial uranium deposits show a similar spatial correlation of isotope ratios from clay samples at surface with deposits at a depth of 600-1,000 m. The same sampling technology is being utilized in the Footprints study of the McArthur River deposit (see Uravan Rec Strategy February 16, 2016); initial scuttlebutt suggests that a similar signature is showing up at McArthur River. The next step for the ORX anomaly is an electromagnetic survey to generate specific drill targets.

Uravan's CEO Larry Lahusen has also signaled that he is presenting Outer Ring to potential farmout partners, which reflects an important shift from his past reliance on Cameco which left Uravan in the lurch for the 2016 exploration season while it focuses its attention on the Fox Lake project west of McArthur River where it has just done a farm-in deal with Peter Dasler's Canalaska Uranium Inc. The conductor with which the Fox Lake deposit (386,700 tonnes of 7.99% U3O8) is associated projects onto the Grid 5 area of Canalaska's West McArthur project. Cameco must spend $1 million in 2016 which will likely involve drilling Canalaska's side of the boundary as it spends $7 million delineating the Fox Lake zone westwards on its property. Nothing is known about the hole on Cameco's ground located about 500 m from the boundary; it was detected by Canalaska through satellite imagery.

The deal allows Cameco to earn up to 60% by spending $12 million over 6 years. Canalaska bought out its Japanese partner in January for $600,000 and a royalty after Mitsubishi funded much of the $16.5 million spent in 2006-2012. Much of that was spent in the Grid 1 area in the northwestern part of the project. The deal requires Cameco to drill two deep holes within 2 years in the Grid 1 area. This is of interest to Uravan because Grid 1 adjoins to the south of the western part of the Halliday project in which Cameco can earn up to 70% from Uravan as part of the Stewardson deal (the wedge in the northern part of West McArthur. Cameco drilled holes into a false anomaly located in the northeastern end of Halliday and lost interest. The untested geochemical anomaly outlined in the Uravan graphic below showed up after Cameco turned its attention to Stewardson. Note that the scale reveals it to have a strike of only 2 km, much smaller than the ORX anomaly at Outer Ring or the Area B anomaly at Stewardson. This area will not get any attention until 2017, but its proximity to the Grid 1 area of West McArthur is one extra reason why Cameco will vest for 51% by April 2018. Spec Value Hunters now have good reasons to accumulate Uravan Minerals Inc sooner than later.


*JK owns shares in Uravan Minerals Inc

 
 

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